US Auto Bailout Bill fails!

[TAMB0K]

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Bush orders emergency bailout of the auto industry

By DEB RIECHMANN, Associated Press Writer – 1 hr 26 mins ago


WASHINGTON – Citing imminent danger to the national economy, President Bush ordered an emergency bailout of the U.S. auto industry Friday, offering $17.4 billion in rescue loans and demanding tough concessions from the deeply troubled carmakers and their workers. Detroit's Big Three cheered the action and vowed to rebuild their once-mighty industry, though they acknowledged the road would be anything but smooth as they fight their way back from the brink of bankruptcy.

The autoworkers union complained the deal was too harsh on its members, while Bush's fellow Republicans in Congress said it was simply bad business to bail out yet another big industry.

Bush, who signed the massive $700 billion rescue for financial institutions only this fall, said he was reluctant to approve yet another government bailout of private business. But he said that allowing the massive auto industry to collapse in the middle of what is already a severe downturn "could send our suffering economy into a deeper and longer recession."

Speaking at the White House, he also said he didn't want to "leave the next president to confront the demise of a major American industry in his first days of office."

read entire article: Bush orders emergency bailout of the auto industry - Yahoo! News

[Primal]

All in all ...for the past few years these people in GMC were not listening to the general consumers especially when gas prices were up. They continued designing big gas guzzling vehicles ,super luxury SUVS, and stupid looking vehicles. Obviously, only a few percentage of people here in the US can afford that and usually these people lease it because they want new cars every 1 or 2 years. People who really buy it are the mostly the working middle class people like me.

[i-7]

The emergency loan of Bush to GMC and Crysler LLC seems to be not working. The US stocks fell again last night erasing last weeks advance. Where is this going?

[skooter]

All in all ...for the past few years these people in GMC were not listening to the general consumers especially when gas prices were up. They continued designing big gas guzzling vehicles ,super luxury SUVS, and stupid looking vehicles.

you have no idea what you're talking about, i'm a ECU TEST ENGINEER here in dearborn FORD's HQ. ayaw pataka yam2x brod. by the way 8yrs. nako diri sa dearborn....

[i-7]

@skooter, is it fair to say that Ford are not the most effecient cars?

[Spec-V]

you have no idea what you're talking about, i'm a ECU TEST ENGINEER here in dearborn FORD's HQ. ayaw pataka yam2x brod. by the way 8yrs. nako diri sa dearborn....

lets hope you wont be out of the job sooner or later...

[EZRA]

Ezra, read Dorothea's post and you will see american cars are not that inferior after all and hey I was surprised to see that the best selling car in america today is F150, read it in yahoo news and it has been for 27 years.

The F150 has been the best-selling vehicle a few times. But that does not erase the fact that the resale value is still pretty low.
As far as Dorothea's post - some of the points the author mentioned I totally agree with... especially about the TARP.

Practicality wise even if the resale value of asian cars is triple than it's american counterpart what's the use if I lose my job? It's easy for people to say look for another job but our visa is a hindrance and there are more lay offs than job hiring.

Wise? when I'm screwing yourself over when I buy an American car. Let's say I buy a Jeep Cherokee and trade it in after 4 years of use? YES, my Cherokee's gonna be devalued dramatically.

[skooter]

@skooter, is it fair to say that Ford are not the most effecient cars?

nope....hey guys do u have any idea that ford focus europe version and the ford escape, 75% of it's components are being designed and tested by cebuanos? yep right there in our backyard ppl. LEAR CORPORATION naa sa MEPZ. So some of the people here says american cars do sucks, you have no idea what you're talking about...Every Car manufacturer is affected by this global meltdown.

[skooter]

lets hope you wont be out of the job sooner or later...

that's what i'm afraid for but i just can't stand when some people here would post something that we are outwit by some japs and koreans...

[EZRA]

that's what i'm afraid for but i just can't stand when some people here would post something that we are outwit by some japs and koreans...

That's reality. When the Koreans were trying to catch up with the rest, they did their best without cutting corners. They offered vehicles at such affordable prices with upscaled components. They even offered them with a warranty that was unheard of at that time (100,000 mile/10 year warranty).
Now, what was Detroit doing during that time? Oh yeah - they released a number of gas guzzling behemoths like the H2, Excursion, Navigator, and the Escalade.

As far as the Japanese cars - it's no secret that the Detroit Big Three are still playing catch-up. If they upped their quality, still it has not reflected on their vehicle's resale value.